Morning Bites

💎 De Beers has allowed sightholders to defer rough purchases at cycles 8-10, Rapaport reports, citing a message from the miner. Hence, sightholders can avoid buying parts of their allocations (25-50%) for >1ct diamonds until the end of 2023. Meanwhile, De Beers is also maintaining its buyback policy, which allows clients to sell 10-30% of their purchases back to the company. The decision was made amid sluggish consumer demand and high midstream stockpiles. This underpins our cautious view on the diamond sector, which remains stressed by adverse macroeconomic conditions globally

💍China’s jewellery and watch retail sales declined 4% YoY in July, following the 14% YoY drop in June. According to Rapaport, China’s post-lockdown recovery did not extend to diamonds. On our numbers, the country represents ~15% of the world's gem-set jewellery trade

#diamonds 
https://metals-wire.com/sector/Diamonds